Free Essay

Mt359 Unit 9 Final Project

In: Business and Management

Submitted By mspann73
Words 1502
Pages 7
Unit 9 Final Project 1
MT359: Advertising in the 21st Century
January 15, 2013

The product that I have decided to market is 3M Thinsilated hats, gloves and scarves. The reason that I chose the product is evident. I was born and raised in Chicago, Illinois. I have spent the last thirty-nine years braving Chicago winters. These winters are the stuff of legend. Chicago is better known by tourist as “The Windy City”. Chicago earned the nickname of the Windy City because of from the chilly gusts of wind coming off Lake Michigan. All Chicagoans know that early fall and winter mornings can be unbearable without some form of protection from the wind. Keep in mind that large numbers of the population of the city ride public transportation every day. This is common for such a large metropolitan city. The Chicago Transit Authority estimates their daily ridership to be approximately 2,209,000 rides (Transitchicago.com, 2011). This is broken down by the different means of public transportation offered. The averages are as followed. CTA Rail Ridership: 680,000 rides, Bus Ridership: 1,068,000 rides, Metra Ridership: 336,000, PACE Ridership: 125,000, Total daily ridership in Chicago: 2,209,000 (Transitchicago.com, 2011).
This is a lot of riders. All of these riders need to be protected from the elements as they wait on the cold streets for the public transports to arrive. As we all know, it gets pretty cold in Chicago. Between the months of December and February, Chicago has an average low temperature of 21 degrees Fahrenheit. During the same time period, Chicago has an average precipitation of 2.22 inches per day (Weather.com, 2011). As you can tell by the average temperature, this precipitation is usually snow. I will be the first to tell you that when it snows is Chicago we usually get several inches and it stays on the ground for days at a time until you shovel it up. Being outside long enough to shovel snow exposes you to the elements for an even longer period of time. This exposure can create a separate set of problem’s all its own.
Exposure to prolonged cold temperatures can cause frostbite. Frostbite is an injury to the body that is caused by freezing. Frostbite causes a loss of feeling and color in affected areas. It most often affects the nose, ears, cheeks, chin, fingers, or toes. Frostbite can permanently damage the body, and severe cases can lead to amputation. The risk of frostbite is increased in people with reduced blood circulation and among people who are not dressed properly for extremely cold temperatures (CDC.Gov, 2013). For this reason, I have chosen to market a product that all Chicagoans can use. The product is called Thinsulate.
3M Thinsulate Insulation is used in your jackets‚ pants‚ gloves‚ hats and boots to help keep you warm when it’s cold outside. The unique microfibers or fine fibers that make up Thinsulate insulation work by trapping air molecules between you and the outside (3M.com, 2013). The more air a material traps in a given space‚ the better it insulates you from the cold outside air. Because the fibers in Thinsulate insulation are finer than the fibers used in most other synthetic or natural insulation‚ they trap more air in less space‚ which naturally makes Thinsulate insulation a better insulator (3M.com, 2013). So we haven’t repealed the laws of nature with our thin insulation; we’ve simply improved them…to help keep you warm. Some of the benefits of this product are that it is breathable, moisture-resistant, and both machine washable and dry-cleanable. If you are outside in the Chicago elements, you need to have protection that will keep you warm. Thinsulated items will protect you from the elements without being bulky and cumbersome. The material is thin enough that you cannot tell that the product is lined with the material. With this feature, you can wear gloves that are thin enough for you to reach into your pocket without having to remove them from your hands. Any other glove that thin would not protect your hands form the wind. This miracle material will also line the hats and scarves that I will sell. This makes the product extremely important to the community. The consumers need to access their bus passes, train fair, Metra cards, etc., etc., without having to take their gloves off to reach into their pockets while waiting on that public transportation to arrive.
This product will be accessible to all of the consumers in my area. The cost for the Thinsulated products will not be much more than the price point for the non-insulated items. Looking at the demographics of the city, we should be quite successful. The demographics are as followed (US Census Bureau, 2012).
Chicago (city), Illinois People Quick-Facts Chicago Illinois Population, 2011 estimate 2,707,120 12,869,257 Population, 2010 (April 1) estimates base 2,695,598 12,830,632 Population, percent change, April 1, 2010 to July 1, 2011 0.4% 0.3% Population, 2010 2,695,598 12,830,632 Persons under 5 years, percent, 2010 6.9% 6.5% Persons under 18 years, percent, 2010 23.1% 24.4% Persons 65 years and over, percent, 2010 10.3% 12.5% Female persons, percent, 2010 51.5% 51.0% High school graduate or higher, percent of persons age 25+, 2007-2011 80.2% 86.6% Bachelor's degree or higher, percent of persons age 25+, 2007-2011 32.9% 30.7% Veterans, 2007-2011 100,219 770,388 Mean travel time to work (minutes), workers age 16+, 2007-2011 33.7 28.1 Per capita money income in the past 12 months (2011 dollars), 2007-2011 $27,940 $29,376 Median household income, 2007-2011 $47,371 $56,576 Persons below poverty level, percent, 2007-2011 21.4% 13.1% Retail sales, 2007 ($1000) 19,842,717 165,450,520 Retail sales per capita, 2007 $7,059 $12,947 (US Census Bureau, 2012)
Based off of the findings in the census data, I do not feel that this information will impact the sales of my products. The cost of my product is so low that anyone who can afford to by gloves should be able to afford to buy mine. I also see that the average travel time to work is 33.7 minutes. Being exposed to the elements for over thirty minutes without some type of protection for your hands, head and chest would not be wise.
Take me, a native Chicagoan, for example. I feel I fall right into the typical demographic of a resident. I fall into the average in most areas. I earn an average wage; I live in the average priced residency. I have two children, a boy and a girl. I graduated from high school and will soon be a college graduate. I am a typical resident of my neighborhood. Being a typical resident, it also takes me over a half of an hour to get back and forth to work every day. I have to wear some protection while I am braving the elements. I would choose to use insulated products because I feel they would keep me warmer than non-insulated products; especially if they fall into the same price range for the product. This is a product that I can honestly say that I would purchase even if I did not fall into the normal demographic of the neighborhood. The Thinsulated brand is not just available in men’s accessories. It is also available in women’s and children’s items as well. This is why I feel that this product would be successful in this area.
I feel that I have learned a lot from this exercise. I feel comfortable in knowing what it would take to successfully market a new product. I know what type of research needs to be done to make sure that we are hitting the ball on the first swing. You have to know who your target market is. Before this assignment I thought that if you needed to advertise that you would juust make a commercial and that everyone would like it. Now I see that is not the case. You have to market to a specific consumer. Now I have to tools to reach that consumer and make the most effective use of my advertising dollars that I can.

References:

Winter weather: Frostbite. (n.d.). Retrieved from http://emergency.cdc.gov/disasters/winter/staysafe/frostbite.asp
Weather.com. (2011). Retrieved from http://www.weather.com/weather/wxclimatology/monthly/graph/USIL0225
What is 3m thinsulate insulation?. (2012). Retrieved from http://solutions.3m.com/wps/portal/3M/en_US/Thinsulate_Insulation/Homepage/AboutUs/WhatIsThinsulate/
US Census Bureau. (2012, September 18). U.s. census. Retrieved from http://quickfacts.census.gov/qfd/states/17/1714000.html
(2011, April). Retrieved from http://www.transitchicago.com/about/facts.aspx
(2011, April). Retrieved from http://www.transitchicago.com/about/facts.aspx…...

Similar Documents

Free Essay

Mt300-28 Big Ideas in Science: from Methods to Mutation Unit 9 Final Project

...Running Header: Unit 9 Final Project Unit 9: Final Project MT300-28 Big Ideas in Science: From Methods to Mutation Professor Atkins Submitted by Paula Ahl October 1, 2012 PART I: SCIENTIFIC METHOD Each and every day, we are faced with having to make split-second decisions, and the need to solve random problems that we encounter. To reach those decisions and work those problems out you are subconsciously using the scientific method. Apply the five steps of the Scientific Method to two situations that could occur in your everyday life. Use the scientific method in the first scenario provided below to solve the problem at hand. Please come up with a second detailed scenario on your own and follow the same steps in the scientific method to find a resolution. Scenario 1: You arrive home late at night. You walk up to the front door, unlock it, and reach in to turn on the light switch located just inside the front door. The light does not come on! Now what? 1. Name the problem or question you are trying to solve. One evening I came home late, my husband and children were out for the night, I unlocked the front door, reach in to turn the light on and it doesn’t come on. I go back to my car for the flashlight. I need to identify where the problem is generated from. Why doesn’t the light turn on when the switch is switched on? 2. What is your background research? Check the neighborhood to see if electricity is out. Check to see if breaker has flipped. ...

Words: 2495 - Pages: 10

Free Essay

Unit 9 Final Arts and Humanities

...Running Head: Letter to the future My Letter to the Future Susan Steichen HU300: Art and Humanities: 20th Century and Beyond Kaplan University Unit 9 Project 11/11/12 Dear People of the future, My name is Susan Steichen and I live in the year 2012. Just wanted to let you know a little bit about me and what the past consists of through my point of view. My day usually consists of getting up at 3:30 am to get ready for work; I have to be to work at 5 am. I work in the accounting department at Wal-Mart, so I have to be there early to process the previous day’s transactions. I count all the monies and checks that get process throughout the day. I find the shortages and hold people accountable for their transactions. I usually leave for work around 2pm, I like that schedule as it gives me my afternoons free. I go home and spend some quiet time by myself until the rest of my family starts to come home around 3pm. I play with my granddaughter Trinity; she is the light of my life! We just re-elected the 54th President of the United States Barack Obama. What I hope to see in the future is a greener planet. I would like a better place to live for my future generations. I am hoping the human race had not been taken over with robots doing the work of man. I would say the biggest decision of morality would be this past election on November 6, 2012. The opposing candidate was named Mitt Romney. He was pro-life; to me this is a big moral issue. He denied the emergency......

Words: 1537 - Pages: 7

Free Essay

Mt302 Final Paper Unit 9

...T.M Kaplan University May 20, 2013 Final Project Final Project Understanding and applying organizational behavior concepts and skills can make or break an organization. As a Starbucks employee for over two years I was able to identify many areas in which Starbucks applied various organizational behavior concepts in order to foster a positive work environment. Starbucks has successfully used three primary organizational behavior concepts in order to promote a positive work environment and strengthen the organization. These concepts include organizational culture, organizational motivation, and organizational structure. Implementing these concepts has not only created positivity and fostered a team environment between employees, but it has also created an environment where goals are reached, and customers are satisfied. One key component of Starbucks is the consistency both in product and service. Employees are friendly and customer oriented, and the standards for products held high. As an employee of Starbucks I was trained according to these standards, and new what would be expected of me as a customer service representative prior to being hired. Starbucks has applied the concept of organizational culture in order to foster consistency across the organization, no matter how many new stores open, or where they are located. Organizational culture is defined as a system of shared meaning held by members that distinguishes the organization from other......

Words: 1591 - Pages: 7

Premium Essay

Ss310 Unit 9 Final Project

...Unit 9 Final Project Kaplan University Exploring the 1960’s: An Interdisciplinary Approach Unit 9 Final Project The year is 2325, and I, archaeologist extraordinaire, have been summoned to view the contents of a strange sealed capsule that was found buried outside what used to be our nations capital. I have seen these capsules before but have never had the opportunity to be the first to analyze what is in side. Many of the capsules that I have read about before have had a brief glimpse of history and how things used to be during a certain time period. The first item found when opening the time capsule from the 1960’s is The Vietnam War. The Vietnam War was waged from 1961 until 1975 ("Battlefield: Vietnam,"). The Vietnam War cost over $150 Billion and lost over 58,000 American lives (Van Buren, 1991). The Vietnam War was such a big part of the 1960’s; it is almost impossible to no it include it in any time capsule representing the 1960’s. The second item found in the time capsule is the civil rights movement. The civil rights movement was a movement started to create equality between white people and black people. The fight for racial equality started in 1954 is still going on today (Brunner & Haney, 2007). The Third item removed from the time capsule is the band The Grateful Dead. The Grateful Dead provided the sound track for the psychedelic movement of the 1960’s, creating 23 albums over 24 years ("Grateful dead discography," 2013). The fourth......

Words: 1831 - Pages: 8

Premium Essay

Unit 9 Final Project

...Dear Future Friend, I am a college junior. I am a student - I study; I socialized; I party. What I am not is a typical college junior - or a typical college anything, for that matter. I am a young man (?) with a physical ailment that I don't allow to get the best of me. I have chronc kidney disease, suffer from diabetes, and take fourteen pills each and every morning. It is my hope that the future will hold not only a place for me, but a place for people like me; a home to which people with chronic diseases, disabilities, and conditions will be able to go. A cure to which they'll be able to turn - and not just any cure, but a permanent cure. I currently exercise almost every day of the week in order to keep my blood sugar levels adequate, and must take in almost twenty different pills each day. I hope that the future will treat those with chronic physical conditions with nurturing respect, acceptance, and kindness. I am pursuing a Bachelor's Psychology to help arrive at this future, but know that I cannot fight this battle alone. Only you know what the future holds. Sincerely, Your Present Pal Andrew 2. An example of morality and decision-making in current culture in 100 words or more. Morals ought to guide each decision that a member of our current culture makes - and yet, it seldom does. From the decision not to drink and drive (a decision not made by almost 2 million convicted drunk drivers per year in the United States alone) to the......

Words: 523 - Pages: 3

Premium Essay

Unit 9 Final Project

...product that does not have any questionable substances. In order to do that there needs to be the ability to import it wherever Zip-6 is producing their products. “Europe’s market must be open to cheap supplied of intermediary goods and raw materials for European producers of value-added products.” [ (European Competitiveness, 2013) ] The European Union recognizes the value of its companies to be able to import materials in order to complete the course of business, thus adding to the value of the host country and the European Union itself. The European Union has a policy of free import and export of goods and services, therefore, there would be little issue with the “secret ingredient” that gives Zip-6 its competitive advantage. The final factor for making an informed decision about the business prospects in France would be what entry method should be taken. The two options best suited to this situation would be a Greenfield investment or through a joint venture with a currently existing company within France. One of the advantages of entering into the French beverage market by Greenfield investment would be that Zip-6 could build a facility that could become the center of operations for Zip-6 in Europe that is built specifically for that purpose. Zip-6 would have complete control over the production, manufacturing, distribution, and marketing in the French market and tailor it to that purpose. This would be a costly and risky venture for a small company like......

Words: 1057 - Pages: 5

Premium Essay

Unit 9 Final Assignment

...Unit 9 Final Assignment – Early Childhood: Ages 3-6 Years Kaplan University PS220-04: Child and Adolescent Psychology Professor Jill Maschio Saturday, September 8, 2012 Early Childhood: Ages 3 – 6 Years Introduction: I have decided to complete my research/assignment on Early Childhood: Ages 3 to 6 years of age. I choose this topic because this is the age group that I would like to work with once I obtain my Bachelors of Science in Psychology with a minor in Child Development, and I also find children in this age group to be very interesting especially on the way they view life around them and how independent they become. The Stages of Development: Cognitive Development: Language begins to develop rapidly, also children begin to use language as their communication tool and their vocabulary increases tremendously. Physical Development: Each skill that the child already has is practiced and becomes perfected. Therefore at this stage the child applies and develops mastery motor skills in challenging situations they are faced with. Social Development: At this age and in this stage the child will begin to learn the concept of right from wrong. Also at this stage he or she begins to imitate what he or she sees an individual do, whether a family member or friend at school. Children at this stage and age also begin to interact with their peers. Theories: Erickson’s Psychosocial Theory of Development: “highlights the child’s composite need to initiate......

Words: 634 - Pages: 3

Free Essay

Unit 9 Project – Fantastic Voyage

...Unit 9 Project – Fantastic Voyage HS130 - 04 June 19, 2012 Fantastic Voyage Good afternoon everyone!   This is Lisa back again with another top health news story. Once again I will be taking my mini-sub through the miniaturization process making us only 8 microns long and traveling through the human body. Today we will be swallowed by a 55 year old man, Mr. Smith, who is currently eating a hamburger, French fries, and enjoying a nice cold root beer. Our goal today is to monitor the digestion of Mr. Smith’s meal through the gastrointestinal tract. As we progress through the body, I will be describing all the major structures that we go through as well as describing what happens to the meal as it goes through the digestion process. Let’s get started. We are going to begin our journey by watching how the food is digested via the gastrointestinal pathway and the urinary pathway. Starting with the digestive system, the food will begin to be digested in the mouth where food is acted upon by saliva and enzymes like amylase (WiseGeek, Digestive System, 2012). The brain has a reflex that triggers the flow of saliva into our mouths when we see or even think of food (WiseGeek, Digestive System, 2012). There are three major salivary glands that are involved in this process: the parotid, submandibular, and sublingual glands. These glands function to secrete saliva into our mouths in order to keep it moist, lubricate and bind our food to begin the digestion process, and...

Words: 1923 - Pages: 8

Premium Essay

Compii Unit 9 Final Project(Grade C)

... Kaplan University Arsianna Walker Comp II Final Project “Fear, which, in turn, is utilized as a rationalization for discrimination and prejudice” (Akhtar, 2014). According to the Bureau of Justice Statistics since 1990 an average of 590,400 inmates have been released annually from federal/state prisons. The amount of people that have been incarcerated is a multiplying number yearly in this country. America should be more tolerant if not accepting to the idea of convicted felon’s reintegration in to society. It is disheartening that people still live in fear or look down on others whom have had to be incarcerated. If we overcome our discriminations against convicted felons, they can successfully re-enter society, and become productive law abiding citizens. Imagine applying for job after job, with no luck at all even though your credentials qualify you. With no income to provide much less survive, how can anyone make it? The opportunity that someone with a clean criminal history has is incomparable to that of someone with even just one prior conviction. Jobs as well as housing are not as easily attained by a convicted felon. I myself would not know what to do or how to handle the heavy weight of re-entering society. I am not one to make excuses, pacify or enable anyone. This is a real issue that families are suffering the consequences of. Unfortunately the view on imprisonment has been distorted by society ideas to label it as a way to lock up a “bad person and......

Words: 1448 - Pages: 6

Premium Essay

Hsm/260 Week 9 Final Project

...Final Project: Analyzing Financial Statements Joyce Davis HSM 260 December 2, 2012 Final Project: Analyzing Financial Statements Financial statements provide a nonprofit human service, with a detailed account of financial records that shows how the company finances are managed. A financial statement provides the company with records that show how their finances were handled in the past. It also allows a company to look at where the company is heading financially. It is very important that a company evaluate their financial statements. In doing this the company will be aware of changes that need to be fixed in the budget. This can prevent an agency from going under. It will also permit them to continue provide services to the needy within the society. The XYZ Corporation provides psychiatric counseling to the indigent in El Paso Texas. The writer will provide a detailed financial analysis of the corporation’s finances. Listed below the reader will be able to see the company’s financial ratios, and they are: Current ratio, long-term solvency ratio, contribution ratio, programs/expense ratio, general, and management/expense ratio, fund-raising expense ratio, and revenue expense ratio for the years 2003 and 2004. Ratio table # 1 for the years 2003-2004: |2003| 2004| Current Ratio | .87 | 0.43 | Long-Term Solvency Ratio | 1.38 | 2.06 | Contribution Ratio | .51 | .49 | Programs/Expense Ratio | 1.0 | 1.11 | general and Management/Expense Ratio......

Words: 1547 - Pages: 7

Free Essay

Unit 9 Forensic Psychology Final

...Course: CJ 233: Introduction of Forensic Psychology Instructor: Doctor Findley Assignment: Unit 9 Final Assignment Total Points: 150 Due Date: November 24, 2015 Name: Donna Marie Brown (Donnabrown119) Unit 9: Final Project: You Are a Forensic Psychologist Kaplan University Donna Brown119 Monday, November 23, 2015 Deviant behavior is any behavior that is contrary to the dominant norms of society. There are many different theories on what causes a person to perform deviant behavior, including biological explanations, psychological explanations, and sociological explanations. Numerous theories have been established to explain criminal behavior. While some theories are not as common, others have evolved and are used in many criminal studies today. Up-to-date criminologists combine the most relevant characteristics of sociology, psychology, biological, and social-psychological to advance their understanding of criminal behavior. Professionals in this field study factors that contribute to criminal activities, make relevant policy recommendations and draw conclusions based on those assessments. (Varying Theories on Crime, 2015) Several theories attempt to explain criminal behavior. Most theories assume: * Crime is part of human nature. * Crime is based on biological, psychological, and/or economic aspects. One of the earliest approaches to explaining the causes of crime was the classical theory, which is defined as a product of the Enlightenment,...

Words: 2646 - Pages: 11

Premium Essay

Unit 9 Final Project Paper

...BEGIN TITLE THREE INCHES FROM TOP OF PAPER Bachelors Capstone Final Project First Name, MI, Last Name Course Number and Section Professor Table of Contents Section 1: Executive Summary (Business Description) 2 Section 2: Code of Conduct 3 Section 3: Marketing Plan (Strategy and SWOT) 4 Section 4: Operations 5 Section 5: Finance 6 Section 6: Cash Flow Analysis 7 Section 7: Information Management 8 Section 8: Management Summary 9 References 10 Appendix 11 (After you copy and paste each section, return to the Table of Contents, right click on the table and select Update Fields. Once this is done, delete all instructions in the template and delete them). Section 1: Executive Summary (Business Description) In addition to information from Executive Summary "Business Description" from Unit 1, please include the following information in just a couple of paragraphs: Type of Business The Professional Typing Services (PTS) is owned and operated by Katina Jones. PTS will cater to the needs and demands of varies corporations. Also, PTS will specialize in a wide range of services such as typing, graphic designs, business plans, thesis, resumes, business letter, photographs, and family documentation. PTS also provide services to small businesses, and individuals. Mission: “To bring different corporations a wide range of services, clerical, administration support that they can trust.” Vision: “To be the most trusted company to our......

Words: 427 - Pages: 2

Premium Essay

Unit 9 Final Project

...Wal-Mart Amanda Reeves SS340-01American Business History Kaplan University Wal-Mart On July 2, 1962 when the first Wal-Mart store opened in Rogers Arkansas, no one would have guessed that in less than fifty years, one store would explode into nine-hundred and seventy one locations across the United States. The Wal-Mart Store has revolutionized the way that Americans shop for groceries, household supplies, clothes, and even home repair items. Sam Walton’s vision for a place that people could come to purchase a variety of items in one location for a reasonable price, began in 1940 when he started working in retail for J.C. Penny. During his career at Penny’s, Walton was approached by Butler Brothers Retailers, who offered him the opportunity to run one of their variety stores in Newport Arkansas called “Ben Franklin”. Walton jumped at the chance and was actually very successful at the venture. After the initial lease expired for “Ben Franklin”, Walton chose to relocate and rename the store. He moved to a building in Bentonville Arkansas, and renamed the store “Walton’s Five and Dime”. It was here that Walton learned a valuable lesson in sales. By slightly reducing his markup on products, he was able to out sell his competitors with significant profit and sales margins. Walton took this valuable knowledge and began to study and research different discount retailers across the country, learning everything he could about discount......

Words: 1892 - Pages: 8

Free Essay

Unit 9 Final Project: How Science Affects Our Lives

... Unit 9 Final Project Jasmine Good Kaplan University SC300 -21 Kathleen McKee June 17, 2012 Unit 9 Final Project I came home on Sunday night after out being out with some friends for dinner. It had already been dark for a few hours, so I figured my dog would be lying on the other side waiting as usual. I didn’t want to trip or fall on him; I didn’t want to hurt myself or him, so when I unlocked the front door the first thing I did was reach into the doorway and felt for the light switch to the right. I wanted to turn the light on in the in the foyer before walking in so that I could see where I was going, and where he was lying, but when I flipped the switch nothing happened. I had a situation. Why wasn’t my light working and how was I going to fix it? I went back to the car and grabbed a flashlight from my trunk. First, I had to identify my problem; I had no light in the dark. Next, I mentally compiled data relevant to the situation; I flipped the light switch and nothing happened. I then had a few different hypotheses. One, the light bulb was burned out. Two, there may have been a blown fuse, or three my bill payment was not received by the electric company. In order for me to figure out which, if any, of my hypotheses were correct, I had a few experiments to perform. First, I walked to the room closest to the front door which was the dining room and turned the light switch on; the light came on; therefore, I believe that my bill payment had......

Words: 1629 - Pages: 7

Premium Essay

Xeco/212, Week 9, Final Project

...A New House – Decision University Of Phoenix XECO/212, Week 9, Final Project April 21, 2012 Catherine Higgins The decision to purchase a home is often the most important financial decision and individual or family will be faced with. The largest single financial purchase in an individual's lifetime is often the purchase of a house and one of the largest factors of personal wealth. All ten of the principles of economics are directly related to the decision to purchase a house on some level. These economic principles will have an impact on the purchasing decision and the long term financial aspects of home ownership so it is wise to incorporate these ten principles into the decision making process to ensure a sound financial decision is the outcome. When considering the purchase of a house, the ten principles of economics that need to be addressed can be broken down into three stages of the decision making process. The first step is to examine how the decision is made by incorporating the first four principles of economics which include, the trade off that comes with every financial decision, the real cost of any item or service is what is given up to get the item or service, rational people think at the margin, and people respond to incentives. Once it is clear how the decision is made, the next three principles of economics address how people interact with economics and include factors such as, trade is beneficial to everyone, markets......

Words: 1865 - Pages: 8